Real Estate Investing in Spencerville, Indiana (46788)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 46788 (Spencerville, IN)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High price-to-rent: Price-to-rent ratio 37.0 — hard to cash-flow at these prices.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Spencerville, IN (46788)?
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Market Analysis: 46788 Spencerville
Not every below-median market is a bargain. Spencerville's 46788 ZIP reflects signals that favor experienced operators who can absorb the risk $472K pricing implies.
The investment case in 46788 is significant only for operators who understand what they are buying. A $472K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Nearby ZIPs in Spencerville have seen price recovery that 46788 has not matched. Allen County data supports the view that the spread is structural rather than temporary.
A substantial renter share of 4% in 46788 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
The 46788 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Spencerville:
Property Strategy for 46788
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $251,955 | $1,180 | 3.4% | +7.3% | $125,978 |
| 3BR | $422,672 | $1,470 | 2.5% | +7.9% | $140,891 |
| 4BR | $527,577 | $1,590 | 2.2% | +8.6% | $131,894 |
Market Trends
Home Value History (with trend line)
📊 How Does 46788 Compare?
| Metric | 46788 | Spencerville | Fort Wayne, IN | Indiana |
|---|---|---|---|---|
| Home Value | $471,877 | $471,877 | N/A | $248,442 |
| 5-Year CAGR | 6.7% | 6.7% | N/A | 7.7% |
| Avg Rent | $1,062 | $1,062 | N/A | - |
| Cap Rate | 1.8% | 1.8% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 46788 (Spencerville, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $471,877 |
| Monthly Rent | $1,062 |
| Price-to-Rent | 37.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.7% |
| Cap Rate | 1.8% |
| 5-Year IRR | 8.5% |
📈 Home Appreciation
| 1-Year | +9.9% ▲ |
| 3-Year CAGR | +6.5% ▲ |
| 5-Year CAGR | +6.7% ▲ |
| 10-Year CAGR | +8.0% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (1.8%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 46788
Population: 4,372
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Nearby Colleges & Universities
Investor Insight: With 1,109 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the median home value in Spencerville, IN?
Expect median prices around $472K in Spencerville, IN. The market has run at a 0.0% 5-year CAGR, so entry costs have been reliable.
Are eviction rules reasonable in Spencerville, IN?
For rental operators, Spencerville, IN rates as landlord-friendly. The regulatory environment standard buy-and-hold operations.
How strong is tenant demand in Spencerville, IN?
Spencerville, IN draws a reliable base of working renters. Demand at the $1,062/mo rent level is reasonable for standard single-family and small multi rentals.
Is Spencerville, IN suited for a house hack?
The a challenging house-hack environment in Spencerville, IN reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
How does Spencerville, IN rate as a rental market?
Spencerville, IN rates 3.0/5 for investability. With median values at $472K and rents near $1,062/mo, the market offers reasonable fundamentals for rental investors.
You know 46788 now. You don’t know where it ranks.
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How 46788 ranks in Fort Wayne, IN
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